Ringgit up vs US dollar at close, mostly higher against major currencies

 The government’s commitment to fiscal discipline and the 2027 budget that remained expansionary supported the local currency, says analyst.

KUALA LUMPUR:

The ringgit closed higher against the US dollar and mostly higher against other major currencies on Wednesday, supported by Malaysia’s resilient economic performance.

At 6pm, the ringgit stood at 4.0790/4.0825 against the greenback from yesterday’s close of 4.0805/4.0845. 

The statistics department released its advance estimates on Oct 16, showing that Malaysia’s economy expanded by 5.3% in the third quarter of 2026 (Q3 2026), compared with a 6% growth in the preceding quarter.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the government’s commitment to fiscal discipline and the 2027 budget that remained expansionary supported the ringgit.

“This positive development has provided strong support for the ringgit,” he told Bernama.

At the close, the ringgit traded mostly higher against a basket of major currencies.

It strengthened versus the Japanese yen to 2.5790/2.5814 from 2.5803/2.5830 at yesterday’s close and inched up vis-a-vis the euro to 4.5770/4.5810 from 4.5771/4.5816. However, it declined against the British pound to 5.4642/5.4689 from 5.4475/5.4528.

The ringgit performed mixed against its Asean peers.

It gained against the Indonesian rupiah to 226.2/226.7 from 226.8/227.1 and gained vis-a-vis the Philippine peso to 6.44/6.45 from 6.47/6.48 at yesterday’s close.

The local note eased against the Singapore dollar to 3.1917/3.1947 from 3.1914/3.1950 and fell versus the Thai baht to 12.1287/12.1434 from 12.1241/12.1411. - FMT